You may not be the only one ready to say “See Ya” to the winter blues right now. The housing market is gearing up to a fever pitch this spring and that makes it the time to buy! Whether you are looking to upgrade in size, or on the hunt for your first home, there are important things that can impact your bottom line when it comes to home insurance. One of the biggest ones is the life left in your home!
Age may be nothing more than a number to you, but when it comes to underwriters – it matters. The maturity of your roof, electrical, furnace and plumbing are all extremely important to your insurance carrier and should be to you as well. Typically, under or over 15 years for these home elements, is a benchmark. Obviously, you don’t need to know this information on homes that don’t pass your initial checklist, but if you are considering a second or third peek at your possible dream home then you need answers.
First, ask the realtor or homeowner who is representing the home, or you could check for installation stickers on some items during one of your walk throughs. Once you reach the accepted offer stage a home inspection is a must. Read reviews, ask about experience and certifications, attend the inspector’s walk through and make sure your questions are answered. If you have recommended repairs, ask your inspector what the average cost of that repair would be and what are the priorities of the repairs he is suggesting. You want to familiarize yourself with code and cost – ensuring that your potential home is brought up to code and what it will cost you. If there are big repairs needed it could affect your homeowner’s insurance premium, so you may need to negotiate some more with your offer to keep your budget in line.
You may be head over heels in love with your potential dream home, but with us being in the business of insuring homes for 64 years we know how to keep you based. If you have any questions while shopping or during the offer/inspection process, please do not hesitate to reach out to us. If you know of any friends or family members that are in the market for a new home, we would love to share our expertise with them – have them give us a call!
